All Forum Posts by: Tamara Berndt

@Sarah Lewis also 60628, 60619, 60651

@Sarah Lewis. We are looking at 60643 area. Thanks! 

@Connor O'Brien hi! I'm a new pro member. My husband and I will be in Chicago from 12/21-12/25. We want to meet some locals to get insights on the area. We will be looking at some distressed properties and want to apply the BRRRR method. We would love to buy you dinner if your free. Thanks!

@Francis Rusnak hi! I’m a new Pro member. My husband and I will be in Chicago from 12/21-12/25. We are looking at some very distressed properties. We are trying to link up with some local investors to get some insights about the area. We will buy dinner.

We want to apply the BRRRR method. Let me know if you want to network. Thanks!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $285,000
Cash invested: $100,000
Sale price: $520,000

This was our first home. We lived in it for 3.5 years, did a few renovations, began renting for 2 years, and did a complete remodel. Equity in the area was very high and we wanted to capitalize on that to get seed money for furter real estate investments.

https://www.redfin.com/WA/Renton/404-Cedar-Ave-S-98057/home/226998

What made you interested in investing in this type of deal?

The market was at it's lowest and interest rate was at an all time low. We knew this was not going to be our forever home but knew this house had a lot of potential. The neighborhood was a very sought after location (Renton Historical Hill).

How did you find this deal and how did you negotiate it?

Found it by driving by. We did not do any negotiation.

How did you finance this deal?

We purchased using a VA Loan with $0 down.

How did you add value to the deal?

Increase the value by updating the home.

What was the outcome?

Sold and made over $200K.

Lessons learned? Challenges?

Do a huge remodel by yourself is hard and lonely.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you are in the Seattle area we worked with Christina Jarvis from Windermere. We have bought and sold homes with her.

Hello. We are a husband & wife team determined to get into the real estate business. Our goal is to apply the BRRRR method. We are from Seattle, WA. We rented out our first home for 2 years and than sold it. We now have some cash to invest. Our first area of interest is Chicago, IL. Please reach out if you are in that area or in the Seattle area. We would love to meet like-minded people.

Hello! I am a new member and this is my first post. My husband, Ryan and I are traveling to Chicago, IL from 12/21-12/25. We will be touring a few distressed properties. Any other members invest in this area? Pros? Cons? We have done extensive research, we are aware that the real estate taxes in some areas are redic, we know that Chicago is on the brink of bankruptcy, and that the crime rate is high. If you invest in this area, do you have any lenders/banks you would recommend? We will be applying the BRRRR method and would like to speak to a lender prior to buying to ensure we would be able to refinance after the rehab. Do you have local contractor and/or handymen you can recommend? Property managers? Would love to meet us with other investors in the areas during this time to get your insights. We'll buy you dinner! Background: husband is a union carpenter, we've rented out a single family home for 2 year than sold it and now have some cash to reinvest. We are from Seattle, WA.